CLIENT CASE STUDY

DBS: Integration of Société Générale wealth management acquisition

Overview

After acquiring the Asian private banking business of Société Générale (SocGen), DBS prioritized the seamless transition for SocGen's clients, retention of clients and front office staff, appropriate cultural integration, full regulatory alignment, and migration of SocGen into the DBS operating model.

Accenture helped DBS set up and run an Integration Management Office (IMO), which was able to deliver the following results:

Quick implementation of governance model and integration process to facilitate the merger

Definition of target operating and organizational models

Facilitation of discussions between DBS and SocGen

Testimonial

THE GROWTH OF OUR WEALTH MANAGEMENT BUSINESS HAS BEEN ROBUST AND SUSTAINABLE, REFLECTING THE CONFIDENCE CLIENTS HAVE IN US. TODAY, WE ARE ALREADY AMONG THE TOP 10 PRIVATE BANKS IN ASIA AND THE SGPB ASIA ACQUISITION FURTHER SIGNIFIES OUR COMING OF AGE. WITH ACCESS TO NEW CLIENTS AND STRONG, EXPERIENCED TEAMS, THIS ACQUISITION TAKES OUR BUSINESS TO THE NEXT LEVEL AND WILL ENABLE US TO ACCESS PRODUCTS AND CAPABILITIES BEYOND ASIA.

TAN SU SHAN

Group Head of Consumer Banking & Wealth Management at DBS

Solution and Results

SolutionAccenture was able to rapidly establish an Integration Management Office (IMO) for this acquisition because of its understanding of DBS' business and technology landscape, as well as its extensive experience in mergers and acquisitions. Although the Accenture team was lean, it had the experience and domain knowledge to cover merger activities spanning technology and operations through to business domains.

Accenture rapidly implemented governance, processes and templates to facilitate the integration of the two entities. The Accenture team worked with DBS to align the target operating model across products, channels, and processes as well as facilitate the transfer of SocGen staff into the DBS organization.

Accenture also advised DBS on strategic integration decisions, facilitated discussions between DBS and SocGen to resolve business risks and issues, and supported integration design and testing, dress rehearsals, preparation and execution.

ResultsWith Accenture's help, DBS completed the integration process for this noteworthy acquisition on time and with minimal disruption. As a result, the company is positioned to strengthen its competitive standing in the Asian wealth management environment in line with its strategic growth objectives.

With the successful acquisition of Société Générale Private Banking Asia's business, DBS' high net worth assets under management and assets under management are now $88 billion and $129 billion respectively.

The acquisition consolidates the strong position of DBS in the wealth management business and it is today one of the Top 10 private banks in Asia.

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